Capital Region Economic Development Council eyes new projects for state funding

By Ian Benjamin

Wednesday, September 25, 2013

TROY -- A renovation of the Quackenbush building for use by a makerspace, the creation of a Transit Center for the city, and the next development phase for City Station North are among the priority projects proposed by the Capital Region Economic Development Council to receive state funding.

The council is aiming to fund 85 projects with a total price tag of $96 million, according to the 2013 CREDC progress report submitted Tuesday. As one of 10 such councils across the state, the CREDC will vie for $760 million in the upcoming funding round. The region has fared relatively poorly in the two previous rounds.

One of the projects is a plan to acquire and renovate the long-shuttered Quackenbush building for use by the Tech Valley Center of Gravity, a makerspace in downtown Troy that supports inventors, startups and small businesses. If the plan were to be funded, the basement of the former department store would house a 13-car garage, the first floor would be fit up for use by the makerspace, and the second floor would be renovated for use by shared businesses and as a business incubator. The CREDC is seeking $1.5 million for the project, which is expected to cost $10.3 million.

Transportation infrastructure in the city could also see improvements, if funded in the next round. If supported with the requested $4.3 million, the city of Troy could construct a multi-use parking garage at 466 River St. that would serve as a central transit point. The first floor would house a bus station for CDTA that would also have retail/commercial space, public use parking and space for alternative transportation. The latter would include bike rentals, taxi stands, campus shuttles transit points and even the possibility of a future internal city shuttle service. The upper floors would be devoted to parking for 900 vehicles. The total cost of the Transit Center project is estimated at $13.6 million.

The next phase of the City Station project along the Congress-Ferry Street corridor could also garner funding in the next round, as a plan for a new development on the northern side of the intersection of Ferry Street and Sixth Avenue was included in the priority project portfolio. Known as City Station North, the development would comprise a 486,000 square-foot development with room for 420 parking spaces. The application is seeking $5 million for a roughly $75 million project.

A spokesperson for United was tight-lipped about the next phase, noting that the project is still in planning stages, although she did mention that the developer already owns the building that houses the Hudson Valley Community College's Capital District Educational Opportunity Center, on Sixth Avenue, and a parking lot across the street. According to the funding application, United is seeking to acquire a nearby City of Troy parking garage, the McKay Family Automotive, and the row of private housing beginning at the corner of State and Fifth avenues.

Of particular interest to downtown residents: an urban grocery store was one of the possibilities noted for City Station North.

SELECTED PROJECTS:

Dockside Lofts: A request for $1.5 million of a roughly $10.3 million plan for the "Dockside Lofts," put forth by a company affiliated with developer Sam Judge, to support the next phase of redevelopment along River Street. As part of that phase, the $10.3 million plan aims to complete a rehabilitate a River Street building into a 35-unit apartment building, "reimagine inefficient parking that has plagued" the Quayside Apartments, and create a walkway and greenspace along the Hudson River.

Troy Master Facility Plan: A request for $1.8 million by St. Peter's Health Partners to support the $67 million first phase of their master facilities plan, which will see the construction of a 550-space parking garage and a new Patient Pavilion on the campus of the Samaritan Hospital. The total cost of the project is estimated at $9.2 million.

Green Island Hydropower Production Project: A request of $3.65 million to support a $5.8 million project to replace a broken set of inflatable flashboards at the Federal Dam that are the result of debris caught in infiltration during flooding over the past three years. Replacement would a more "flood-resilient" system and would add an additional 15 kilowatt hours of renewable energy. Requesting $3.65 million.

Quackenbush Square: Project proposed by First Columbia development to create a $61 million mixed-use development on a 1.6 acre parcel located at 705 Broadway, in the Quackenbush Square neighborhood of Albany. Requesting $5 million

Wellington Row: Plan to renovate five vacant buildings, 132-140 State St., in Albany in an effort to revitalize the State Street area below the Capital. Requesting $950,000.

DeWitt Clinton Hotel Rehabilitation: Renaissance Hotels and Resorts is seeking to renovate the existing DeWitt Clinton Hotel at a cost of $48.5 million and convert it into a full-service 200 room Renaissance by Marriott Hotel. Requesting $1.5 million.

Tech Valley STEMConnect: Effort to support STEM-focused joint education programs offered by the Tech Valley High School and the Children's Museum of Science and Technology at the College of Nanoscale Science and Engineering. Requesting $1.65 million.

The full list of priority projects can be listed via the 2013 Progress Report posted to the Capital Region Economic Development Council website.